Disclaimer

The website is directed only at Professional Clients in the UK. The website is issued by Asset Value
Investors Limited (“AVI”), in respect of British Empire Trust plc (“British Empire”). AVI is authorised and
regulated by the UK Financial Conduct Authority (“FCA”). British Empire is a public company listed and
traded on the London Stock Exchange.

You agree that we may contact you about our products and services that we believe you might be interested
in.

The price of the Shares will be determined by supply and demand in the market as well as NAV per Share.
The market price of the Shares is therefore likely to fluctuate and may represent either a premium or
discount to NAV per Share.

Contact Us

History

The British Empire Trust plc (“British Empire”) was established in 1889 in order to generate profits for its shareholders by investing in the shares of other companies. In 1985, Asset Value Investors (“AVI”) were appointed as investment managers of British Empire, which at that point held a total of £6 million in assets under management. As at 30 April 2016, total assets under management of British Empire stand at over £776 million.

Successful acquisition of Ashdown Investment Trust for a consideration of c. £66 million.

2001

Company exceeds the MSCI World Index by 20 percentage points

2005

The Company’s NAV (Net asset value) exceeds the MSCI World Index for a seventh consecutive year, by 26 percentage points on a total return basis.

2007

NAV per Share reaches 517.8p. The Company’s positive performance continues, 5.9 percentage points above the MSCI World Index on a total return basis.

2008

NAV per Share reaches 521.1p, a record level, before market turmoil causes it to fall.

2009

A volatile year in which NAV total return per share fell over 10% in the first half of the fiscal year, then gained over 31% in the second half, resulting in a 17.8% total NAV return over the year.

2012

A difficult year for the investment community in which NAV total return per share grew by 10.3% compared with an increase of 13.8% in the Morningstar Global Growth Index.

2014

A year of progress with total NAV return being 6.8% vs the MSCI All Country World Ex USA at 5.1% and in which the trust’s discount reduced from 11.8% to 10.3%.

2015

The second half of the Company’s financial year has been marked by intense volatility across equity markets around the world. Having returned 7.2% during the first half of the year, the NAV total return in the second half of the year was -14.5%, making the total return for the full year -8.3%.
The Company’s formal benchmark (MSCI All Country World ex-US) returned -5.6% over the full year.
Joe Bauernfreund became British Empire’s named portfolio manager with effect from 01 October 2015.

2016

Debt funding of 20 year unsecured private placement notes issued in two tranches. The first tranche is £30 million and the second tranche is EUR30 million (equivalent to approximately 22.6 million). The blended annualised cost of the new debt is 3.78% and are due to be repaid in 2036. The total fixed rate borrowing has increased from £15 million to £67.6 million following completion of this transaction.

2017

Debt funding of 20 year unsecured private placement notes issued for EUR 20 million (equivalent to approximately £17.5 million). The annualised cost of the new debt is 2.93% and are due to be repaid in 2037. The fixed rate borrowing has increased to £88.6 million following completion of this transaction.

British Empire Securities and General Trust p.l.c is referred to as ‘British Empire’
throughout the website. British Empire’s investment managers, Asset Value Investors are
referred to as ‘AVI’